Deadline looming, Essel clears some dues

Mumbai, Sept. 11 -- Subhash Chandra-led Essel group has received the first instalment of money from its stake sale in flagship firm Zee Enterprises Ltd, as it races to meet a month-end payment deadline.

In July, Essel group announced the sale of 11% stake in Zee Enterprises to Invesco Oppenheimer Developing Markets Fund for 4,224 crore. Of this, the sale of 8.7% stake has now been successfully concluded, the group said in a statement. The exact amount received was not disclosed.

"The group is confident of completing the balance sale of 2.3% stake over the next few days. The group is working towards timely completion of operational formalities in order to conclude the entire transaction at the earliest. This development reaffirms the group...

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